All Forum Posts by: Bryan Findlay

Seeking a AGGRESSIVE tax person in ADA county.  Someone who can be an outside the box thinker.  I have 3 homes total, income thats non taxable and some that is etc.  Be my wife and 2 kids that would file.  Any ideas let me know.  Looking for someone not scared to walk the line but not go over in order to take advantage of all the things were able to .

Wow, great info everyone!  I am new to the area and bought a few rentals as well.  I live in KUNA right now and don't know anyone just yet.  I am open minded and always eager to learn and find the next deal.  PM me if anyone has helpful info or can tell me where to go to meet and learn more.  Thanks everyone! BP is an amazing resource !.

DAVE,

Thanks for giving me another look from a perspective of someone like yourself with your experience level. 

I am starting to think, doing a 1031 exchange and just doing two properties or even 1 might be the smarter way.

Its all a bit still complex for me to understand but i am dedicated to understand it fully to continue my growth. 

I appreciate you and your wisdom.  THANKS!

Thank you so much for reaching out to me.   I will reach out! 

BRYAN

Thanks for the help.  I look forward to hearing from others.  Stacey I bought my home in ADA COUNTY /Idaho and also bought a rental property here.  I swear the market here is going nuts!

My Credit is 765, my wifes the same /part time  nurse- I have 80K saved, DI retirement $1043 monthly for life, I own 3 homes (2 rentals and 1 primary) which is my only debt.  One rental in CA that is worth 180K more then what I paid and right now is cash flowing at 650 monthly. It needs work and upgrades and my intent was to 1031 exchange into the Idaho market. It would sell for $330K+ and I owe around 144K ish on it.  I wanted to use this to do the exchange at which point i''d like to identify 3 rentals in in ADA county for around 240K each home and evenly splitting my profits of the 180K even among the 3. THIS WOULD REQUIRE A LOAN FOR THE 3 NEW RENTALS WHICH MY LENDER SAYS HE CANT GET ME without a job despite what i have going for me.

I'd be able to put 20% down this way on each property which I know will cash flow and equity will climb. However, now my Lender who is for the most careful and NOT an aggressive person seems to just say no to me trying to make this work. 

I  I have various ACCOUNTS with money, i own vehicles, all my homes have equity and the rentals are cash flowing.  I just want this to be my full time gig and would like to be able to buy rentals and somewhere at some-point start to do flips.

Looking for ideas, ways to do this. I know people on here are smart and could hopefully help or guide me to get these rentals in Idaho.  thank.

(LENDER SAYS I CANNOT GET THE LOANS I NEED THAT WOULD STEM FROM A 1031 EXCHANGE. I MUST HAVE A JOB HE SAYS BUT I HAVE $.

I want to 1031 exchange my CA rental home which if sold would put me about $180K profit to re-invest in Idaho. I don’t want to sale straight up for tax purposes. I told my Lender I wanted to re-invest the 180K into Idaho (1031 exchange) by putting down $70,000 down each on (2)RENTALS IN THE 245,000K range which is sufficient to cash flow day #1 in my area. I wanted the remaining $40,000 for something cheaper that I can turn into a flip, but I am not sure 1031 allows for a flip home upon the properties you identify. IF this is the case, I’d still use this 40K towards another rental if the deal was right. So a total of 3 rentals off my 1 CA property exchange.

My credit is 770,. 75K in savings, + cash flow on both rentals OF $950 + $1043 monthly for life. My wife works part time and brings in a little money in but nothing much and has perfect credit as well. Are only debt (besides mortgage) is a car payment where it’s $455 monthly or total payoff is $14,000.

My lender who helped me get two loans in Idaho and a loan for my primary/rental said, I won’t be able to get more loans like I want without a job (injured off duty/career ending) despite my situation that would show i'd be cash flowing day 1 if the loans were honored.  All my homes have some equity and cash flow. 

If I got the 1031 exchange i'd want ID/pick 3 properties to split up the 180K and remaining a loan. I'd plan to put 70,000 on a 245,000 home X2 and the remaining 40,000 into a lower priced home. With my market and putting that amount down payment, i'd be confident to say i'd cash flow around$ 500 to $1000 between them once rented.

I DONT want to sell the CA home straight up, i'd be taxed to hell and plus doing a 1031 exchange allows me positive 180000 reinvest and that goes far in Idaho. This home in CA i have 2-bedroom, 1.5 bath will go for $330K and i'd leave with positive 180K or that much to-reinvest in Idaho which will go much further..

Please can someone help me get these loans or help me find a way. I feel like I am stuck but also feel with my credit, asset, savings, should play a role to decide if i can get the loans?.  Is it worth me trying another lender? of will the answer all be the same?

I know there are what if's, buts, and all that; but you understand what i'm trying to do hopefully and anyone creative or has a way for me to do this let me know. Thanks so much for reading all this!

Wow what great advice Ken. thank you!

I have 2 rental homes and another pending that will be added to my portfolio. I am now in need to get an LLC or Trust set up to protect my assets. What's the best way to do this and how expensive is the process ?

Yes, I should have been more clear. Property insurance. And thank you Adam for the recommendation.